Mizrahi-Tehafot Bank, the third largest Israeli bank by assets is to deploy Finastra’s pre-packaged payments solution, Fusion Payments To Go.

The solution is aimed at small and medium-sized banks looking to implement domestic and cross-border payment services. In particular, it will enable the bank to offer its customers frictionless and immediate payments, with reduced, fixed implementation cost.

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With a modern and agile solution in place, the bank will be able to better serve its customers.  Dudi Avni, Head of Delivery Channels Applications at Mizrahi-Tehafot Bank says: “The payments landscape is accelerating at a quicker pace than ever before and payments is now a strategic pillar for our business. Using Finastra’s payment hub will enhance our customer service.

It enables Mizrahi-Tehafot Bank to fulfil its strategic plan regarding payment services. Until now, we have been using in-house solutions for processing payments. Both retail and corporate clients are increasingly demanding a more seamless payment experience and a broader set of payment options.

Fusion Payments to Go: leading off-the-shelf solution

“We quickly realised that we needed a market-leading off-the-shelf payment solution capable of unifying our current infrastructure. Finastra’s pre-packaged solution is based on its tried and tested global payment hub. It will go far in helping us do so, whilst bringing sizable cost savings. With a large team of hundreds of people dedicated to the development of Finastra’s payments products, we know we are in safe hands and ready for tomorrow’s payment challenges.” Fusion Global PAYplus is built on Finastra’s payment hub. Fusion Payments To Go provides best-practice functionality and operating rules for supported clearing and settlement mechanisms. And it offers standard integration to external applications. Finastra says it removes the need for expensive scheme maintenance. This means that banks can redirect funds towards delivering innovative business services that improve customer experience and deliver revenue growth.

Reducing operational costs, faster time to market

Finastra looks after all elements from contracting, onboarding, service operations, upgrades and billing. This reduces the bank’s operational costs and providing a faster time to market.

Avi Benzvi, Country Manager in Israel at Finastra said, “With Fusion Payments To Go, we’re enabling regional banks like Mizrahi-Tehafot to be more competitive, grow their business and market share, with faster time to value for them and their customers. Mizrahi-Tehafot is ahead of the curve when it comes to innovation in financial services in Israel. It has long been an early adopter of new technologies. We’ve no doubt that our solution will help them drive further growth. We’re excited to be part of their ongoing success.”

Mizrahi-Tehafot has been a Finastra customer for over 20 years and also runs Finastra lending and capital markets solutions.